Windtree Therapeutics Reports First Quarter 2025 Financial Results and Provides Key Business Updates
Rhea-AI Summary
The company is pursuing a new strategy to become revenue-generating through: - Acquiring FDA-approved assets - A right to purchase a 436-unit residential property in Houston - Partnership for PHEXXI® manufacturing cost reduction - China partnership expected to generate revenues by end of 2026
Financial position shows cash and cash equivalents of $1.2 million with current liabilities of $6.5 million. The company raised $2.6 million through Series D convertible preferred stock in April-May 2025. Notably, Windtree regained Nasdaq compliance but remains under monitoring until March 2026.
Positive
- None.
Negative
- Limited cash position of $1.2M against current liabilities of $6.5M
- Only sufficient resources to fund operations through May 2025
- Remains under mandatory Nasdaq panel monitor until March 2026
- Revenue generation from China partnership not expected until end of 2026
News Market Reaction 1 Alert
On the day this news was published, WINT declined 0.24%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
WARRINGTON, Pa., May 16, 2025 (GLOBE NEWSWIRE) -- Windtree Therapeutics, Inc. (“Windtree” or “the Company”) (NasdaqCM: WINT), a biotechnology company focused on becoming a revenue generating company and advancing early and late-stage innovative therapies for critical conditions, today reported financial results for the first quarter ended March 31, 2025 and provided key business updates.
“The first quarter of 2025 was marked with significant progress. We announced our new corporate strategy to become a revenue generating company by seeking to identify and acquire revenue-generating FDA-approved assets while advancing our cardiology and oncology pipeline,” said Jed Latkin, Chief Executive Officer of Windtree. Mr. Latkin continued, “We believe that this strategy has the potential to transform Windtree into both a commercial and development stage company that generates revenue, helps patients and enhances our attractiveness to shareholders. The Company entered into an initial strategic transaction for a right to buy a revenue-generating multifamily residential property. Leveraging off our firm partnership in China we are helping a rapidly growing biopharmaceutical company lower their costs of production by almost
Key Business Updates
- Announced a late-breaking clinical science abstract presentation on istaroxime at the Technology and Heart Failure Therapeutics Conference.
- Entered into a license and supply agreement to become the sourcing partner for Evofem Biosciences, Inc. for PHEXXI® (lactic acid, citric acid and potassium bitartrate), a first-in-class hormone-free, on-demand prescription contraceptive vaginal gel that women control. The Company intends to leverage its manufacturing contacts to reduce pharmaceutical product cost of goods for PHEXXI.
- Announced a strategic transaction to drive revenue generation in support of our ongoing therapeutic pipeline development. The initial transaction provides the right to buy the target asset which may provide consistent revenue to the Company while it continues to develop its biotech pipeline drug candidates. The transaction is an assignment and conditional assumption agreement with a seasoned real estate investment group pursuant to which the Company has gained the rights to purchase a 436 unit, multifamily residential property in Houston, Texas.
- Closed on a private placement transaction in April 2025 and May 2025 for aggregate gross proceeds of approximately
$2.6 million related to the issuance of Series D convertible preferred stock.
- Regained Nasdaq compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing. The Company will be subject to a mandatory panel monitor until March 20, 2026.
- Continued expansion of our patent estate for istaroxime with the granting of a notice of allowance in acute heart failure by the United States Patent and Trademark Office as well as a patent filing in India. For the preclinical oncology aPKCi inhibitor, a patent was issued for Japan.
Select First Quarter 2025 Financial Results
For the fiscal quarter ended March 31, 2025, the Company reported an operating loss of
Research and development expenses were
General and administrative expenses for the first quarter of 2025 were
The Company reported a net loss attributable to common stockholders of
As of March 31, 2025, the Company reported cash and cash equivalents of
Readers are referred to, and encouraged to read in its entirety, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the Securities and Exchange Commission on May 15, 2025, and includes detailed discussions about the Company’s business plans and operations, financial condition, and results of operations.
About Windtree Therapeutics, Inc.
Windtree Therapeutics, Inc. is a biotechnology company focused on becoming a revenue-generating company and advancing early and late-stage innovative therapies for critical conditions and diseases. Windtree’s portfolio of product candidates includes istaroxime, a Phase 2 candidate with SERCA2a activating properties for acute heart failure and associated cardiogenic shock, preclinical SERCA2a activators for heart failure and preclinical precision aPKCi inhibitors that are being developed for potential in rare and broad oncology applications. Windtree also has a licensing business model with partnership out-licenses currently in place.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company may, in some cases, use terms such as "predicts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are based on information available to the Company as of the date of this press release and are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company’s current expectations. Examples of such risks and uncertainties include, among other things: the Company’s ability to secure significant additional capital as and when needed; the Company’s ability to achieve the intended benefits of the aPKCi asset acquisition with Varian Biopharmaceuticals, Inc.; the Company's risks and uncertainties associated with the success and advancement of the clinical development programs for istaroxime and the Company’s other product candidates, including preclinical oncology candidates; the Company’s ability to access the debt or equity markets; the Company’s ability to manage costs and execute on its operational and budget plans; the results, cost and timing of the Company’s clinical development programs, including any delays to such clinical trials relating to enrollment or site initiation; risks related to technology transfers to contract manufacturers and manufacturing development activities; delays encountered by the Company, contract manufacturers or suppliers in manufacturing drug products, drug substances, and other materials on a timely basis and in sufficient amounts; risks relating to rigorous regulatory requirements, including that: (i) the U.S. Food and Drug Administration or other regulatory authorities may not agree with the Company on matters raised during regulatory reviews, may require significant additional activities, or may not accept or may withhold or delay consideration of applications, or may not approve or may limit approval of the Company’s product candidates, and (ii) changes in the national or international political and regulatory environment may make it more difficult to gain regulatory approvals and risks related to the Company’s efforts to maintain and protect the patents and licenses related to its product candidates; risks that the Company may never realize the value of its intangible assets and have to incur future impairment charges; risks related to the size and growth potential of the markets for the Company’s product candidates, and the Company’s ability to service those markets; the Company’s ability to develop sales and marketing capabilities, whether alone or with potential future collaborators; the rate and degree of market acceptance of the Company’s product candidates, if approved; the Company's ability to maintain compliance with the continued listing requirements of Nasdaq; the impacts of political unrest, including as a result of geopolitical tension, including the conflict between Russia and Ukraine, the People’s Republic of China and the Republic of China (Taiwan), and the evolving events in the Israel and Gaza, and any sanctions, export controls or other restrictive actions that may be imposed by the United States and/or other countries which could have an adverse impact on the Company’s operations, including through disruption in supply chain or access to potential international clinical trial sites, and through disruption, instability and volatility in the global markets, which could have an adverse impact on the Company’s ability to access the capital markets. These and other risks are described in the Company’s periodic reports, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, filed with the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that the Company makes in this press release speak only as of the date of this press release. The Company assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
Contact Information:
Eric Curtis
ecurtis@windtreetx.com
WINDTREE THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
| (in thousands, except share and per share data) | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,173 | $ | 1,779 | ||||
| Prepaid expenses and other current assets | 421 | 795 | ||||||
| Total current assets | 1,594 | 2,574 | ||||||
| Property and equipment, net | 94 | 111 | ||||||
| Restricted cash | 9 | 9 | ||||||
| Operating lease right-of-use assets | 939 | 1,051 | ||||||
| Intangible assets | 24,130 | 24,130 | ||||||
| Total assets | $ | 26,766 | $ | 27,875 | ||||
| LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,110 | $ | 1,879 | ||||
| Accrued expenses | 1,785 | 1,706 | ||||||
| Operating lease liabilities - current portion | 519 | 508 | ||||||
| ELOC commitment note payable | - | 328 | ||||||
| Derivative liability - ELOC commitment note | - | 299 | ||||||
| Senior secured notes payable | 374 | - | ||||||
| Common stock warrant liability | 162 | 305 | ||||||
| Loans payable | 167 | 333 | ||||||
| Other current liabilities | 359 | 359 | ||||||
| Total current liabilities | 6,476 | 5,717 | ||||||
| Operating lease liabilities - non-current portion | 519 | 653 | ||||||
| Other liabilities | 3,800 | 3,800 | ||||||
| Deferred tax liabilities | 4,643 | 4,528 | ||||||
| Total liabilities | 15,438 | 14,698 | ||||||
| Mezzanine equity: | ||||||||
| Series C redeemable preferred stock, | 1,038 | 3,181 | ||||||
| Series B redeemable preferred stock, | - | - | ||||||
| Total mezzanine equity | 1,038 | 3,181 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 4 | - | ||||||
| Additional paid-in capital | 863,995 | 859,660 | ||||||
| Accumulated deficit | (850,655 | ) | (846,610 | ) | ||||
| Treasury stock (at cost); 1 share | (3,054 | ) | (3,054 | ) | ||||
| Total stockholders’ equity | 10,290 | 9,996 | ||||||
| Total liabilities, mezzanine equity & stockholders’ equity | $ | 26,766 | $ | 27,875 | ||||
WINDTREE THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
| (in thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Expenses: | ||||||||
| Research and development | $ | 2,270 | $ | 2,253 | ||||
| General and administrative | 1,820 | 2,152 | ||||||
| Total operating expenses | 4,090 | 4,405 | ||||||
| Operating loss | (4,090 | ) | (4,405 | ) | ||||
| Other income (expense): | ||||||||
| (Loss) gain on debt extinguishment, net | (22 | ) | 14,520 | |||||
| Change in fair value of common stock warrant liability | 134 | - | ||||||
| Interest income | 7 | 30 | ||||||
| Interest expense | (20 | ) | (13 | ) | ||||
| Other (expense) income, net | (54 | ) | 201 | |||||
| Total other income, net | 45 | 14,738 | ||||||
| (Loss) income before income taxes | (4,045 | ) | 10,333 | |||||
| Income tax expense | - | (114 | ) | |||||
| Net (loss) income | $ | (4,045 | ) | $ | 10,219 | |||
| Dividends on Series C preferred stock | (998 | ) | - | |||||
| Net (loss) income attributable to common stockholders | $ | (5,043 | ) | $ | 10,219 | |||
| Net (loss) income per share attributable to common stockholders | ||||||||
| Basic and diluted | $ | (4.63 | ) | $ | 1,099.37 | |||
| Weighted average number of common shares outstanding | ||||||||
| Basic and diluted | 1,088,564 | 9,295 | ||||||
FAQ
What is WINT's current financial position in Q1 2025?
How much did Windtree Therapeutics raise in their 2025 private placement?
What are the key elements of Windtree's new revenue generation strategy?
What is the status of WINT's Nasdaq listing compliance?
What progress has Windtree made with istaroxime development?
